https://www.taxtmi.com/caselaws?id=282130 Where an assessee's accounts are found unreliable, the taxing authority may reject them and determine profits by estimate based on comparable cases. The assessee is entitled only to sufficient indication of the basis of that estimate, such as the gross profit range of comparable traders and the profit rate of a similar business. The authority need not supply exhaustive particulars of the comparables' turnover, contracts, or business methods, because that would make assessment impracticable and is not required to inform the assessee of the grounds of the estimate. On that approach, detailed disclosure about the comparable merchants was not required. en-us Fri, 19 Oct 1951 00:00:00 +0530 Tue, 23 Jul 2019 14:18:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282130 Where an assessee's accounts are found unreliable, the taxing authority may reject them and determine profits by estimate based on comparable cases. The assessee is entitled only to sufficient indication of the basis of that estimate, such as the gross profit range of comparable traders and the profit rate of a similar business. The authority need not supply exhaustive particulars of the comparables' turnover, contracts, or business methods, because that would make assessment impracticable and is not required to inform the assessee of the grounds of the estimate. On that approach, detailed disclosure about the comparable merchants was not required. Case-Laws Income Tax Fri, 19 Oct 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282130